Wilmington, Delaware, USA
May 7, 2019
Corteva, Inc. today announced that the U.S. Securities and Exchange Commission has declared effective Corteva's Registration Statement on Form 10. The Form 10 includes information regarding the business, strategy and priorities for Corteva, as well as details about the spin-off by DowDuPont Inc. of Corteva, which is expected to be completed on June 1, 2019. The Form 10 can be found on DowDuPont's website at http://www.dow-dupont.com/investors/default.aspx.
"This milestone marks the completion of all the regulatory requirements for us to separate into a leading pure-play independent agriculture company on June 1st. Corteva Agriscience is well positioned to drive long-term value for shareholders as we leverage our balanced portfolio and robust innovation pipeline to deliver the complete solution farmers need to maximize yield and profitability," said James C. Collins Jr., Corteva's Chief Executive Officer.
Earlier today, DowDuPont announced that its board of directors approved the spin-off of Corteva, declaring a pro rata dividend of all of the outstanding shares of common stock of Corteva. The dividend is expected to be paid on June 1, 2019 to DowDuPont stockholders of record as of the close of business on May 24, 2019, the record date. Effective as of the distribution date, each DowDuPont stockholder will receive one (1) share of Corteva common stock for every three (3) shares of DowDuPont common stock they held on the record date. Registered DowDuPont stockholders will receive cash in lieu of any fractional shares of Corteva common stock.
The New York Stock Exchange has authorized Corteva's common stock for listing and has advised that "when-issued" trading will begin on May 24, 2019, under the symbol "CTVA-WI." Following the spin-off, on June 3, 2019, Corteva common stock will begin "regular way" trading on the NYSE under the symbol "CTVA."
The spin-off is subject to the satisfaction or waiver of certain customary conditions, which are expected to be satisfied by the distribution date.
About Corteva Agriscience™, Agriculture Division of DowDuPont
Corteva Agriscience™, Agriculture Division of DowDuPont (NYSE: DWDP), is intended to become an independent, publicly traded company when the previously announced spinoff is complete by June 2019. The division combines the strengths of DuPont Pioneer, DuPont Crop Protection and Dow AgroSciences. Corteva Agriscience provides growers around the world with the most complete portfolio in the industry — including some of the most recognized brands in agriculture: Pioneer®, Granular®, the newly launched Brevant™ seeds, as well as award-winning Crop Protection products — while bringing new products to market through our solid pipeline of active chemistry and technologies. More information can be found at www.corteva.com.
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